More than a third of Brits (36%) are prepared to spend more on their Christmas shopping, if necessary, in order to support local retailers over the festive season, research has found.
Despite the rising cost-of-living and tough economic outlook this winter, nearly four in five adults (78%) still feel it is important to shop locally over the Christmas period.
This is despite one in four (24%) saying they need to cut back on their spending compared to last year.
The poll of 2,000 adults found that they will buy an average of a third (36%) of their Christmas shopping from local retailers – including food, drinks, wrapping paper, and stocking fillers.
More than half (51%) see their local businesses as an important part of the community, with 56% wanting to put money back into the local economy.
And as many as two-thirds (67%) consider a local business owner a friend – and 46% would be sorry to see a local retailer forced to close, with six in ten feeling concerned about their independent retailers.
However, these financial worries are shared by the local businesses – as being able to afford their energy bills currently ranks as their biggest concern, according to a separate poll of 500 retailers.
The research was commissioned by Smart Energy GB to launch its Small Business Hub, an online resource with advice and tips for small business owners.
Entrepreneur and TV star Deborah Meaden said: “It is clear that many small businesses are concerned about making enough sales over the Christmas period and managing other pressures, such as high energy bills.
“It is therefore heartening to see that many people really do value their local shops, and are willing to put their hands in their pockets to support them.
“It is important that small businesses don’t suffer in silence, and do look at what support is available to them.
“Energy can be one of the biggest outgoings for small businesses during the winter, so taking all the steps you can to manage yours better, such as getting a smart meter, will help make a difference.”
It emerged 83% of retailers are worried about a challenging festive period due to the cost-of-living crisis and high energy prices.
December is the busiest trading opportunity of the year for 87%, and a further nine in ten rely on a busy Christmas for long-term success throughout the rest of the year.
But 54% believe the current situation of rising costs has been the biggest threat to their business so far – compared to just 17% who thought it was the Covid-19 pandemic.
Half are planning to adapt their businesses to stay afloat during the cost-of-living crisis, and one in three (32%) have already taken steps in this process.
But as many as eight in ten are interested in more advice about how to manage increased energy costs, as so far only 43% have sought help or advice to get through the winter.
Of those who have already asked for support, they found that banks, energy providers, money advice websites, and their accountants proved the most useful.
To manage costs, 35% of retailers have been monitoring energy more closely, and a third (33%) won’t be making any more hires in order to save money on energy bills and other overheads.
And 13% are even considering pivoting to an online-only business model.
Furthermore, two in three said they would feel more in control of their business if they were able to get accurate bills, according to the figures by OnePoll.
Victoria Bacon, director at Smart Energy GB, said: “It’s great to see that people are supporting their local independent shops this Christmas, even in tough economic times.
“Retailers have faced many of the same challenges consumers have faced this year around energy price hikes and the increases in the cost of living.
“Our research shows they are still worried about increased running costs, and especially how they are going to pay their energy bills.
“Getting a smart meter is one small thing which can help with the day-to-day challenges of running a business, as it sends accurate energy readings direct to your supplier, which frees up time and puts an end to estimated bills.”
